Minority Demands Bipartisan Probe into Alleged $214m BoG Gold-for-Reserves Loss
The Minority in Parliament has called for a bipartisan investigation. They want to look into the reported $214 million loss by the Bank of Ghana (BoG). This loss is linked to the Gold-for-Reserves programme. They warn that the loss could grow to nearly $300 million if not addressed.
Addressing journalists in Accra on Monday, December 29, the Member of Parliament for Ofoase Ayirebi, Kojo Oppong Nkrumah, called for the establishment of a parliamentary ad-hoc committee with powers to subpoena all relevant contracts, licences, intermediaries, and entities involved in the programme.
He said the probe must compel the BoG and the Ghana Gold Board (GoldBod) to publicly disclose their fee structures, pricing formulas, aggregator selection processes, and foreign exchange arrangements linked to the scheme.
Mr. Oppong Nkrumah also urged the immediate suspension of mining permits in forest reserves and the implementation of strict gold traceability mechanisms, citing concerns that state funds may have been used to purchase gold sourced from illegal mining (galamsey) activities. He stressed that any findings of negligence or corruption must lead to prosecution and full recovery of state funds.
The Minority’s call follows concerns raised by the International Monetary Fund (IMF), which described the reported losses as a potential threat to Ghana’s macroeconomic stability. The IMF attributed the losses to transactions involving artisanal and small-scale mining dore gold, referencing alleged “GoldBod off-taker fees.”
However, GoldBod has rejected the IMF’s claims, insisting that it has not incurred any losses. In a statement issued earlier this month, GoldBod Chief Executive Officer Sammy Gyamfi described the IMF’s assertions as inaccurate, stating that the Board expects a surplus of at least GH¢600 million in 2025 and does not charge off-taker fees.
Mr. Gyamfi explained that GoldBod’s mandate is limited to purchasing, assaying, and exporting gold on behalf of the Bank of Ghana, while all trading and off-taker agreements remain the responsibility of the central bank.
He further revealed that GoldBod has contributed over $10 billion in foreign exchange in 2025, having purchased more than 100 tonnes of gold from artisanal and small-scale miners, alongside additional support for large-scale mining output to help bolster Ghana’s foreign reserves and stabilise the cedi.
Also read:
Frim Pong
Comments ()